Scott and Taws v Oz Minerals Limited
Federal Court Proceeding No NSD 1433 of 2010 (the “Class Action”)
Notice of Court approval of the settlement of the Class Action
- The settlement of the Class Action commenced by Anthony Scott and Nicola Taws (“Applicants”) on their own behalf and on behalf of certain other people (known as "Group Members") who acquired shares in Oxiana Limited and/or OZ Minerals in the period 29 February 2008 to 1 December 2008 (inclusive) was approved by Emmett J in the Federal Court of Australia on Friday 1 July 2011.
- Under the approved settlement:
- OZ Minerals pays $21 million (inclusive of legal and funding costs) (“Settlement Sum”) to Slater and Gordon to be distributed among eligible Group Members who have registered to participate in the Class Action;
- After having paid:
- Approved legal and administrative costs to Slater and Gordon; and
- Commission to Litigation Lending Services, the amount available for distribution to the Applicants and to Group Members from the Settlement Sum will be at least $16 million;
- the settlement is binding on the Applicants and the Group Members and neither the Applicants nor any Group Member may commence new proceedings against OZ Minerals in connection with the subject matter of the Class Action;
- Distribution of the Settlement Sum is being administered by Slater and Gordon in accordance with a Settlement Distribution Scheme (the "Scheme");
- Slater and Gordon's role is now Administrator of the Scheme and will carry out its obligations pursuant to the Scheme on behalf of Group Members as a whole, regardless of whether they have retained us as their lawyers or not; and
- The Class Action has been dismissed.
- As a Group Member you are eligible to receive part of the Settlement Sum if the following applies:
- You acquired shares in Oxiana Limited (ASX Code: OXR) and/or OZ Minerals Limited (ASX Code: OZL) in the period 29 February 2008 to 1 December 2008 (inclusive) and you did not acquire OZ Minerals shares as a result of the merger between Zinifex Ltd (ASX Code: ZFX) and Oxiana Ltd;
- You suffered loss as a result of buying shares at an inflated price as a result of alleged undisclosed information;
- Any gains you received from share sales also affected by price inflation do not exceed your loss in (c); and
- You registered your claim in the Class Action in accordance with earlier Orders of the Court.
If you have any questions, please contact Slater and Gordon by sending an email to email@example.com or by calling 1800 555 777 or by seeking your own legal advice.
Key Steps in the scheme
End July 2011
Slater and Gordon will write to you to notify you of either:
- the number of your shares that are thought to be eligible to participate in the Settlement; or
- an invitation to provide proof of the number of your eligible shares.
Early November 2011
Slater and Gordon will provide an assessment notice to you containing the proven trade data in your claim and the provisional amount that you can expect to receive from the settlement (individual distribution).
The Scheme provides you an opportunity to seek a review of your assessment notice on the basis that there has been an error in the verification of your trade data.
Once all reviews have been completed, Slater and Gordon will finalise the distribution of the Settlement Sum and distribute final individual distributions to Group Members.
The aim of the Scheme is for individual distributions to be paid to Group Members around Christmas 2011.
Group Members who do not bank their individual distribution by about 1 June 2012 will forfeit their individual distribution. Such funds will be returned to OZ Minerals under the terms of the Scheme.
Please consider the above matters carefully. If there is anything of which you are unsure, you can contact Slater and Gordon Limited on 1800 555 777 or at firstname.lastname@example.org.
Oz Minerals Class Action Defence, filed 17 December 2010 (PDF, 2000MB)
Oz Minerals Class Action Distribution Scheme (PDF, 261KB)